EXHIBIT 12
CENDANT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
THREE MONTHS ENDED
MARCH 31
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2000 1999
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Earnings before fixed charges:
Income before income taxes and minority interest $ 220 $ 284
Plus: Fixed charges 109 181
Less: Equity income in unconsolidated affiliates - 3
Minority interest 25 24
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Earnings available to cover fixed charges $ 304 $ 438
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Fixed charges (1):
Interest, including amortization of deferred
financing costs $ 69 $ 139
Minority interest 25 24
Interest portion of rental payment 15 18
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Total fixed charges $ 109 $ 181
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Ratio of earnings to fixed charges (2) 2.79x 2.42x
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(1) Fixed charges include interest expense on all indebtedness (including
amortization of deferred financing costs) and the portion of operating
lease rental expense that is representative of the interest factor
(deemed to be one-third of operating lease rentals).
(2) For the three months ended March 31, 2000 and 1999, income before income
taxes and minority interest includes other charges of $81 million and $8
million, respectively. Excluding such charges, the ratio of earnings to
fixed charges for the three months ended March 31, 2000 and 1999 is
3.53x and 2.46x, respectively.